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FEDERAL, RESERVE BANK OF DALLAS F I S C A L A G E N T O F T H E U N IT E D S T A T E S Dallas, Texas, March 17,1917 EXCHANGE OFFERING ON ALLOTMENT BASIS To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve District: There is reproduced on the reverse side hereof Treasury Department Circular No. 802, in which the Secretary of the Treasury offers % % Treasury Certificates of Indebtedness of Series D-1948, on an exchange basis, to holders of Treasury Certificates of Indebtedness of Series D-1947, maturing April 1, 1947, in the amount of $2,819,694,000. Since it is planned to retire about $1,500,000,000 of the maturing certificates by redemption in cash, subscriptions will be received subject to allotment to all holders on an equal percentage basis except that subscrip tions in amounts up to and including $25,000 will be allotted in full. Cash subscriptions will not be received. The new certificates will be dated April 1, 1947, and will bear interest from that date at the rate of % % Per annum, payable with the principal at maturity on April 1, 1948. They will be issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000, and since the interest is payable with the principal at maturity no interest coupons will be attached. The books for the receipt of subscriptions to this exchange offering will be opened on Wednesday, March 19, 1947. It is important that subscribers tender maturing certificates in an amount equal to the amount of new certificates subscribed for or arrange for delivery of the maturing certificates to this bank or one of its branches prior to the close of the subscription books. If the maturing certificates are held in safekeeping at this bank or one of its branches, please so indicate on the subscription form. Arrangements should be made to substitute other securities for any maturing pledged certificates to be tendered in order that the maturing certificates may be available to support the subscription. Subscriptions will be received at this bank and its branches at El Paso, Houston and San Antonio, and, should be submitted on the enclosed form, with surrender of the maturing certifi cates. It is urged that subscriptions be entered on the subscription forms rather than by letters or otherwise. Additional subscription forms will be forwarded upon request. CLOSING OF SUBSCRIPTION BOOKS The subscription books will close for the receipt of all subscriptions at the close of business Friday, March 21. No further closing announcement will be made. Subscriptions addressed to a Federal Reserve bank or branch, or to the Treasury Depart ment, and placed in the mail before midnight of the closing day will be considered as having been entered before the close of the subscription books. Yours very truly, R. R. GILBERT President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) U N IT E D S T A T E S O F AM ERIC A SE V E N -E IG H T H S PE R C E N T T R E A S U R Y C E R TIFICA TE S O F IN D E B T E D N E SS O F SE R IE S D -1 9 4 8 Dated and bearing interest from April 1, 1947 1947 Department Circular No. 802 Due April 1, 1948 TREASURY DEPARTMENT Office of the Secretary Washington, March 19, 1947. Fiscal Service Bureau of the Public Debt I. OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par, from the people of the United States, for certificates of indebtedness of the United States, designated % percent Treasury Certificates of Indebtedness of Series D-1948, in exchange for Treasury Certificates of Indebtedness of Series D-1947, maturing April 1, 1947. Approximately $1,500,000,000 of the maturing certificates will be retired on cash redemption. II. DESCRIPTION OF CERTIFICATES 1. The certificates will be dated April 1, 1947, and will bear interest from that date at the rate of % percent per annum, payable with the principal at maturity on April 1, 1948. They will not be subject to call for redemption prior to maturity. 2. The income derived from the certificates shall be subject to all Federal taxes, now or here after imposed. The certificates shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. 3. The certificates will be acceptable to secure deposits of public moneys. They will not be acceptable in payment of taxes. 4. Bearer certificates will be issued in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The certificates will not be issued in registered form. 5. The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates. III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions will be received at the Federal Reserve Banks and Branches and at the Treas ury Department, Washington. Banking institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount’ of certificates applied for, and to close the books as to any or all subscriptions at any time without notice; and any action he may take in these respects shall be final. Subject to these reservations, subscriptions for amounts up to and including $25,000 will be allotted in full, and subscriptions for amounts over $25,000 will be allotted to all holders on an equal percentage basis, but not less than $25,000 on any one subscription. The basis of the allotment will be publicly announced, and allotment notices will be sent out promptly upon allotment. IV. PAYMENT 1. Payment at par for certificates allotted hereunder must be made on or before April 1, 1947, or on later allotment, and may be made only in Treasury Certificates of Indebtedness of Series D-1947, maturing April 1, 1947, which will be accepted at par, and should accompany the sub scription. V. GENERAL PROVISIONS 1. As fiscal agents of the United States, Federal Reserve Banks are authorized, and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allot ment notices, to receive payment for certificates allotted, to make delivery of certificates on fullpaid subscriptions allotted, and they may issue interim receipts pending delivery of the definitive certificates. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supple mental or amendatory rules and regulations governing the offering, which will be communicated promptly to the Federal Reserve Banks. JOHN W. SNYDER, Secretary of the Treasury. Exchange Offering on an A llotment Basis ★ Cash Subscriptions Will Not Be Accepted SUBSCRIPTION FOR 7/3% United States Treasury Certificates of Indebtedness Series D-1948 Due April 1, 1948 Dated April 1, 1947 For Use of To: □ Federal Reserve Bank, Dallas 13, Texas Federal Reserve Bank □ Federal Reserve Bank Branch, El Paso, Texas Number........................ □ Federal Reserve Bank Branch, Houston 1, Texas Amount $..................... □ Federal Reserve Bank Branch, San Antonio 6, Texas Pursuant to the provisions of Treasury Department Circular No. 802, dated March 19, 1947, the under signed hereby subscribes for $ . . ............. ........... ..., United States Treasury 7/\% Certificates of Indebtedness, Series D-1948, dated April 1, 1947, maturing April 1, 1948, and tenders the following securities in payment: % per cent Certificates of Indebtedness, Series D-1947, maturing April 1, 1947........................ ............. ........................................................ ......................... $ A m ount o f List your own and customers* subscriptions on reverse side. Subscription (s) Subscriptions in amounts of $25,000 and less . .........................................._ _ _ _ _ $__ Subscriptions in amounts over $25,000 .................................................... - - - - - $__ Total S u b s c r ip tio n s ................................................................................................... $..... A SUBSCRIBER MAY ENTER SUBSCRIPTION EITHER FOR AN AMOUNT UP TO AND INCLUDING $25,000, WHICH WILL BE ALLOTTED IN FULL, OR FOR AN AMOUNT OVER $25,000, BUT NOT FOR BOTH. A SUBSCRIBER SUBSCRIBING FOR AN AMOUNT UP TO AND INCLUDING $25,000 WILL BE RESTRICTED TO ONE SUBSCRIPTION. Disposition of proceeds of redemption of Certificates of Indebtedness, Series D-1947, not used in payment of this subscription, to be made as follows: # □ Credit our Reserve Account □ Remit to the undersigned □ Otherwise (Give disposition)........................................ ................................................................................................. Serial numbers of certificates tendered should be listed on the reverse side. The maturing securities should be surrendered with this subscription. (It is important that subscribers tender maturing certificates in an amount equal to the amount of new certifi cates subscribed for or arrange for delivery of the maturing certificates to this bank or one of its branches prior to the closing dates.) SCHEDULE FOR ISSUE OF CERTIFICATES INSTRUCTIONS FOR DELIVERY OF CERTIFICATES □ □ !| □ Issued in Bearer Form Only. Fill in Number of Pieces and Denominations Desired Hold in Custody Account (Allotted to banks for own account only) Pledge to secure War Loan Deposits (Allotted to qualified banks for own account only) Number o f Pieces At DO N OT USE TH IS COLU M N Amount 51,000 Ship to.-- ------------------------------------------------------------ $5,000 $10,000 □ Certificates of Indebtedness to be transferred by wire to $100,000 i --------------------------------------------------------------- 51,000,000 (State whether free delivery or against funds) Time Stamp TOTAL $ □ This is an original subscription □ This is a confirmation For use of Federal Reserve Bank (Name of Subscriber) B y ..................... (President-Cashier) (Address) Dated........... (OVER) LIST OF SUBSCRIBERS NAME OF SUBSCRIBER AMOUNT ADDRESS ALLOTMENT TOTAL $ SERIAL NUMBERS 0 £ TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES D-I847 SURRENDERED All coupons should be detached from the surrendered certificates.
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